Rock Valley College Comprehensive Annual Financial Report ...

ROCK VALLEY COLLEGE
ILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
Years Ended June 30, 2008 and 2007
2008 2007
REVENUES
Operating revenues:
Student tuition and fees, net of scholarship
allowances of $7,704,359 for 2008 and
$6,716,402 for 2007 $ 4,344,365 $ 5,601,760
Sales and service fees 1,606,464 1,865,416
Auxiliary services revenue 760,464 643,348
Other operating revenues 200,334 107,602
Total operating revenues 6,911,627 8,218,126
EXPENSES
Operating expenses:
Instruction 17,825,223 17,176,057
Academic support 3,856,921 3,726,468
Student services 3,057,211 2,810,344
Public service 6,728,383 7,040,255
Operations and maintenance of plant 5,793,445 5,602,341
Institutional support 8,434,693 8,348,682
Auxiliary services 647,958 602,761
Amortization 263,800 248,205
Depreciation 6,461,293 6,386,168
Other 83,944 246,412
Total operating expenses 53,152,871 52,187,693
Operating loss (46,241,244) (43,969,567)
NONOPERATING REVENUES (EXPENSES)
Local property taxes 27,895,192 27,027,471
Personal property replacement tax 1,784,039 1,618,494
State appropriations 7,640,636 7,280,516
State grants and contracts 2,645,869 2,557,703
Federal grants and contracts 8,567,536 7,727,842
Local grants and contracts 818,494 896,278
Investment income 1,598,260 1,561,397
Gain (Loss) on disposal of capital assets 17,055 (233,875)
Interest on capital assets - related debt (2,093,930) (2,051,024)
Nonoperating revenues (expenses), net 48,873,151 46,384,802
Income before capital contributions 2,631,907 2,415,235
Capital contributions 22,905 182,900
Increase in net assets 2,654,812 2,598,135
Net assets, beginning of year 45,938,789 43,340,654
Net assets, end of year $ 48,593,601 $ 45,938,789
The accompanying notes are an integral part of this financial statement
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